January 26
The price of pigeon peas rebounded to over K3.8 million per tonne on 25 January 2024 after a drop to K3.235 million per tonne on 1 January, reflecting a significant increase of K565,000 per tonne over the past three weeks.
The bullish global market sentiment and high demand raised the price of pigeon peas.
The FOB price rose to US$1,080-$1,100 per tonne on 25 January 2024 from $1,020-$1,040 on 1 January.
The price hit a new record high of K4.15 million per tonne on 8 September 2023.
Myanmar primarily exports black gram, green gram and pigeon peas to foreign markets. Black gram and pigeon peas are mainly delivered to India, while green gram is shipped to China and Europe.
India has growing consumption requirements for black gram and pigeon peas. According to a Memorandum of Understanding between Myanmar and India signed on 18 June 2021, India will import 250,000 tonnes of black gram and 100,000 tonnes of pigeon peas (tur) from Myanmar for five consecutive years from 2021-2022 financial year to 2025-2026 FY. This G-to-G pact will not affect the pulses’ annual quota set by India. Myanmar’s exporters are entitled to deliver the pulses to India under that yearly quota.
Myanmar exported 1.15 million tonnes of various pulses worth US$978 million in the past nine months of the current financial year 2023-2024 beginning 1 April, the Ministry of Commerce stated.
The Ministry of Commerce’s statistics showed Myanmar bagged $1.47 billion from 1.9 million tonnes of pulses exports last FY 2022-2023. — NN/EM
